Engine Capital Management LP Sells 359,528 Shares of SunocoCorp LLC $SUNC

Key Points

• Engine Capital Management reduced its SunocoCorp stake by 26.1%, selling 359,528 shares and retaining 1,019,854 shares worth about $62.9 million.
• SunocoCorp reported quarterly EPS of $2.13, beating estimates of $1.66, while revenue of $10.69 billion also exceeded forecasts.
• Analysts remain broadly bullish, with an average “Buy” rating and a $78.50 price target; recent targets range from $73 to $83.

Engine Capital Management LP trimmed its holdings in shares of SunocoCorp LLC (NYSE:SUNC - Free Report) by 26.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,019,854 shares of the company's stock after selling 359,528 shares during the period. SunocoCorp accounts for about 7.6% of Engine Capital Management LP's holdings, making the stock its 3rd largest holding. Engine Capital Management LP owned about 1.98% of SunocoCorp worth $62,874,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. QV Investors Inc. purchased a new stake in SunocoCorp during the fourth quarter worth approximately $58,528,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in SunocoCorp in the fourth quarter valued at approximately $606,000. UBS Group AG purchased a new position in SunocoCorp in the fourth quarter valued at approximately $49,908,000. Truist Financial Corp acquired a new stake in SunocoCorp during the fourth quarter worth approximately $2,004,000. Finally, Miller Howard Investments Inc. NY acquired a new stake in SunocoCorp during the first quarter worth approximately $5,463,000.

SunocoCorp Trading Down 1.1%

Shares of SUNC opened at $75.47 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 0.92 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $3.89 billion and a price-to-earnings ratio of 35.43. The business's 50 day simple moving average is $68.72. SunocoCorp LLC has a 12-month low of $47.00 and a 12-month high of $77.55.

SunocoCorp (NYSE:SUNC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $2.13 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.47. The business had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.56 billion. As a group, equities research analysts forecast that SunocoCorp LLC will post 6.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays upped their target price on shares of SunocoCorp from $75.00 to $78.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Zacks Research raised shares of SunocoCorp from a "strong sell" rating to a "hold" rating in a research report on Friday, June 19th. Citigroup upped their price objective on shares of SunocoCorp from $65.00 to $73.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $80.00 price objective on shares of SunocoCorp in a report on Wednesday, May 6th. Finally, Mizuho assumed coverage on SunocoCorp in a research report on Friday. They set an "outperform" rating and a $83.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $78.50.

SunocoCorp Company Profile

Sunoco LP is an energy infrastructure and fuel distribution master limited partnership. Sunoco LP is based in DALLAS.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.